Only forward, no step back! This is the motto of the YFI price, starting from 6 November. Buyers see themselves as masters of life, not allowing price to correct before growth continues. Trading volumes on the market are higher than during the price fall from 13 September.
According to Coinmarketcap the daily trading volume is more than $609 million and it is 3rd place in the Defi coins rating. The falling channel global trend line is broken up. Everything is hinting at the global correction ending and the YFI growth continuation. In the daily timeframe, we see that, so to speak, consolidation takes place in a sloping channel:
We saw this kind of consolidation on the BTC chart, when the trend was so strong that the consolidation was forced to be in motion. With the application for continued growth, buyers are approaching the first critical zone $21,500-22,300. The chart shows that this range is crucial for the YFI market, as it was after its breakdown that a wild fall to $7450 began.
Scenarios after the test of $21,500-22,300
In addition, in this range, buyers will correct the fall wave from 13 September by 61.8%. Therefore, despite buyers’ results during the last week, in this range we should be vigilant. In the YFI price fall event, it is important for buyers to keep the range $14,800-15,700. This is another liquid zone in the market, which slowed down the growth trend in August (before the historical high).
Buyers also successfully slowed the downward trend in this range in October. As we can see, this range cannot restrain the global trend. But local support to keep the price moving is what is needed. Thus optimally, to check the trend strength and medium-term growth requires correction to the range $14,800-15,700.
Positive scenario in the YFI market
Euphoria continuation in the market and breaking $22,300 will open the way for buyers to $30,000. However, we should not forget an interesting fact. The active BTC growth has been going on without any correction for 2 months.
At the time of writing, the BTC price is $17,031. Defi space revival took place only on 5 November, when BTC was already at local highs. It is scary to imagine what will happen to the young and weak DeFi market if the BTC price begins sharply to fall due to overbought over the main cryptocurrency. Nevertheless, keep a cool mind and remain alert!